15th August 1997
FORT BONIFACIO DEVELOPMENT POSTS MID-YEAR NET INCOME OF
PESOS 2.07 BILLION
Fort Bonifacio Development Corporation (FBDC), the joint venture company between the Bases Conversion Development Authority (BCDA) of the Philippine Government and the Bonifacio Land Corporation (BLC), a consortium of private investors led by First Pacific Company's Philippine flagships, Metro Pacific Corporation, announced today an after-tax net income of Pesos 2.07 billion (US$ 72.7 million) for the six months ended 30th June 1997 - representing a 92 per cent increase over the net income of Pesos 1.08 billion (US$37.9 million) for the year ended 31st December 1996.
FBDC's profit growth was understated by the introduction of more conservative accounting changes which stipulate that profit be recognized based on the percentage of which a project is completed. Previously, FBDC recognized income from land sales once it received cash.
Mr Ricardo Pascua, FBDC's President and CEO, said the company's strong earnings are enabling it to finance all development activities, including infrastructure projects, from internally generated sources. Its strong cash inflows position it to redeem more of its preferred shares outstanding to its two shareholders. This means that the Bases Conversion Development Authority, which owns 45 per cent FBDC, can receive more cash for the Government, and that Bonifacio Land Corporation, which owns the remaining 55 per cent, will have more resources with which to meet the cash requirement for future land deliveries.
"FBDC's excellent performance is evident in the growing momentum of both residential and commercial sales at the site, " Mr Pascua said. "Six residential projects are in the start-up phase and there is increasing activity in the business district. This is complemented by construction work currently taking place on the Kalayaan Interchange - one of the vital routes that would connect Fort Bonifacio with Makati."
Meanwhile, FBDC has entered into strategic partnerships with a number of leading corporations aimed at providing the Global City with such vital utilities as telecommunications, district cooling and water supply, as well as insurance services. The new strategic partners include Smart Telecom, Elyo Jardine, Australian Water Technologies and C.E. Health.
The estimated total cost for joint venture for telecommunications and district cooling are Pesos 600 million (US$21 million) and Pesos 1.6 billion (US$56 million) respectively. The insurance business is projected at Pesos 700 billion (US$25 billion).
"There is no question that the new Global City of Fort Bonifacio is on schedule and will begin to make its mark on Manila's skyline during the course of 1998", Mr Pascua said.
FBDC's assets stood at Pesos 76 billion (US$2.7 billion) as at 30th June 1997. Of these assets Pesos 5.7 billion (US$201.5 million) was in cash or cash equivalents. Total stockholders' equity stood at Pesos 69.8 billion (US$2.5 billion).
FBDC is 45 per cent held by the Philippine Government's Bases Conversion Development Authority and 55 per cent held by Bonifacio Land Corporation (BLC). BLC is approximately 56 per cent held by Metro Pacific Corporation, the Philippine flagship of First Pacific Company Limited, a Hong Kong-based, Asian-oriented conglomerate with operations in the four core areas of Marketing & Distribution, Telecommunications, Property and Banking.
For further information, please contact:
| Fort Bonifacio Development Corporation: | |
| Alfredo B. Parungao Chief Finance Officer |
Tel: (632) 555 0001 to 12 ext 141 |
| Luis B. Pangilinan, Jr. Vice President-External Relations |
Tel: (632) 555 0214 |
| First Pacific Company Limited: | |
| Paul Wallace Group Financial Controller |
Tel: (852) 2842 4225 |
Company information can also be accessed on:
Internet: irasia.com/listco/hk/firstpac
E-mail: info@firstpac.com.hk
| © Copyright 1996-2008 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |